Wholesaling a subject to....FIRST DEAL

[Angelique Anthony]

Hello everyone!

A few days ago I contacted a woman whose house is about in preforeclosure and is going up for auction in three weeks. My partner that I am JVing with has found someone who is going to do a subject to and catch up the payments and take over the mortgage. So everyone is on board. This is my first deal, so I want to make sure I am doing everything correctly. Although the seller is ready and very motivated, we have not signed a contract. So, I currently don't have the house under contract, which I know is a problem. So my question is, what is the whole process of assigning a subject to contract? Do I need to sign a subject to contract with the seller myself and then assign it? Or can I just sign a regular purchase contract with the seller, and then an assignment contract with the buyer, and a subject to purchase agreement with the seller and buyer? I hope my phrasing isn't too confusing.